(Oil and Gold are the June contracts on the NY Mercantile Exchange. Silver and Copper are the July contracts.)

NEW YORK - Wall Street stocks churned lower on Friday amid lacklustre economic data and news that General Motors planned a major cut in the number of its dealers, which could add to the labour market’s woes.
The blue-chip Dow Jones Industrial Average gave up early gains and fell 62.68 points (0.75 per cent) to end at 8,268.64.
The tech-heavy Nasdaq dropped 9.07 points (0.54 per cent) to 1,680.14 and the broad-market Standard & Poor’s 500 index shed 10.19 points (1.14 per cent) to 882.88.
The losses capped a week in which the broad market fell nearly five per cent, and ended a streak of eight gains over the past nine weeks for Wall Street’s main indexes.

LONDON - European stock markets closed mixed, helped off lows by early gains on Wall Street as US data offset news of a record slump in the eurozone economy.
Dealers said that after a volatile, choppy week, investors remained cautious and hesitant after recent gains made on hopes of an early end to the global slump were trimmed back.
In London, the FTSE 100 index of leading shares closed down 14.47 points, or by 0.33 per cent, at 4,348.11.

FRANKFURT - The DAX index was virtually unchanged, down 0.97 point, or 0.02 per cent, at 4,737.5.

PARIS - The CAC 40 index gained 12.76 points, or 0.4 per cent, to 3,169.05.

TOKYO - Japan’s Nikkei average advanced 1.9 per cent, as machinery shares gained after orders dropped less than forecast and Sony Corp surged after projecting a smaller-than-expected annual loss.
The machinery orders data also helped Tokyo Electron rise nearly eight per cent, becoming the biggest positive contributor to the Nikkei despite forecasting a record annual operating loss.
The benchmark Nikkei rose 171.29 points in light trade to 9,265.02, after falling 2.6 per cent the previous day to its lowest close since May 1.
The Nikkei fell 1.8 per cent on the week.

HONG KONG - The benchmark Hang Seng Index rose 249.01, or 1.51 per cent, at 16,790.7.

WELLINGTON - The New Zealand sharemarket put some runs on the board, with Sir Ron Brierley’s Guinness Peat Group among the best performers.
The NZSX-50 index closed up 14.78 points, or 0.53 per cent, at 2,790.9, off the session high of 2,809.835.
Turnover was worth $NZ98.87 million ($A77.8 million). There were 41 rises and 36 falls among the 107 stocks traded.

SYDNEY - The Australian share market is expected to open lower after negative leads from Wall Street in securities, metals and oil, although gold was higher.
At 0720 AEST on the Sydney Futures Exchange, the June share price index contract was 42 points lower at 3,737.
In economic news on Monday, the Housing Industry Association releases its affordability report for the March quarter.
In companies news, GrainCorp Ltd releases interim results.
In Sydney on Friday, the Australian share market finished firmer led by the major miners and rebound in cyclical stocks and stronger offshore markets.
The S&P/ASX200 index gained 49.8 points, or by 1.34 per cent, at 3773.2, while the broader All Ordinaries index advanced 48.1 points, or 1.3 per cent, at 3758.9.

NYMEX

Oil prices fell sharply on Friday as news of a deepening recession in Europe added to concerns of shrinking demand for the key commodity.
New York’s main futures contract, light sweet crude for delivery in June, dropped $US2.28 from the closing price on Thursday to end at $US56.34 a barrel.
In London, Brent North Sea crude for July delivery lost $US2.62 to $US55.98.

COMEX

June gold rose $US2.90 to $US931.30 per fince ounce. July Silver fell three cents, however, to $US14.01 per fine ounce, while copper also fell, by 0.95 cent to $2.0175 per lb.

NEW YORK - Wall Street lost ground in a late-day selloff as traders feared the US government’s banking sector bailout faces delays at it passes through congress.
The Dow Jones Industrial Average closed down 161.52 points, or 1.47 per cent, to 10,854.17.
The tech-heavy Nasdaq composite slumped 25.64 points, or 1.18 per cent, to 2,153.34 and the broad-market Standard & Poor’s 500 index lost 18.87 points, or 1.56 per cent, to a close of 1,188.22.

LONDON - The FTSE 100 share index closed down 100.2 points, or 1.91 per cent, at 5,136.1, as investors waited for US congress to pass the bailout measures.

FRANKFURT - the DAX shed 39.22 points, or 0.64 per cent, to close at 6,068.53 points.

PARIS - The CAC 40 fell 83.69 points, or 1.98 per cent, to 4,139.82 points.

TOKYO - Japan’s markets were closed for a public holiday.

HONG KONG - The benchmark Hang Seng Index closed down 759.35 points, or 3.87 per cent, at 18,872.85.

WELLINGTON - In a quiet day’s trade, the benchmark NZX-50 finished down 27.526 points, or 0.845 per cent, at 3228.189.

SYDNEY - The Australian stock market is expected to open lower today after US stocks fell again as investors worried that the US congress was beginning to doubt the need for a government bailout of financial institutions as a way to revive credit markets.
At 0802 AEST, the Sydney Futures Exchange’s December Share Price Index contract was down 71 points at 4,939.
In news today, retailer David Jones delivers its full year results.
Air New Zealand and the Australian Securities Exchange (ASX) hold annual general meetings.
Empire Oil & Gas NL holds a general meeting.
Mercer will host a briefing on sovereign wealth funds by Future Fund chairman David Murray.
The Department of Education, Employment and Workplace Relations releases its skilled vacancies survey for September.
Australian Bureau of Agricultural and Resource Economics executive director Phillip Glyde will speak at an Australian Business Economists briefing on the outlook for soft commodities.
The Industrial Foundation for Accident Prevention’s (IFAP) Safety 08 conference continues in Perth.
The Mining & Energy NSW exhibition concludes.
Yesterday, the benchmark S&P/ASX200 index closed 97 points lower, or 1.93 per cent, at 4923.5 yesterday, while the broader All Ordinaries lost 92.4 points, or 1.83 per cent, to 4957.7.

NYMEX
Oil prices pulled back after a record rally on Monday, dropping for the first time in five days of trade as uncertainty over the US financial bailout plan and a stronger dollar led investors to shed commodities.
Light, sweet crude for November delivery fell $US2.76 to settle at $US106.61 on the New York Mercantile Exchange, after earlier dipping as low as $US104.05.
In London, Brent North Sea crude for November shed $US2.96 to settle at $US103.08 a barrel.

COMEX
Gold for December delivery fell $US17.80 to settle at $US891.20 an ounce on the New York Mercantile Exchange.
December silver fell 28 cents to settle at $US13.17 an ounce on the Nymex, while December copper lost 10.3 cents to settle at $US3.152 a pound.

Gold is the December contract on the COMEX division of the NY Mercantile Exchange. Silver and Copper are the September contracts on NYMEX.)

NEW YORK - Wall Street retreated again on Friday after readings on jobs and manufacturing - the first reports for the third quarter - indicated that businesses and workers still face a tough economy. The major indices ended a turbulent week mixed.
A massive quarterly loss at General Motors Corp and rising oil prices also gave investors reason to trade cautiously, but the market was considerably calmer than the first four sessions of the week, when the Dow Jones industrials rose or fell by triple digits each day.
The Dow fell 51.70, or 0.45 per cent, to 11,326.32, ending the week down 0.39 per cent.
Broader stock indicators also lost ground on Friday. The Standard & Poor’s 500 index fell 7.07, or 0.56 per cent, to 1,260.31, and the Nasdaq composite index fell 14.59, or 0.63 per cent, to 2,310.96.

LONDON - European share prices suffered steep falls on Friday as oil prices climbed and US automaking giant General Motors reported a huge loss.
In London, the FTSE 100 index shed 57.2, or 1.06 per cent, to end the week at 5,354.70.

FRANKFURT - The DAX fell 83.1, or 1.28 per cent to finish at 6,396.46.

PARIS - The CAC 40 lost 78.02, or 1.78 per cent to close at 4,314.34.

TOKYO - Japanese share prices closed down 2.1 per cent on Friday at a two-week low, hit by a slump on Wall Street, disappointing domestic earnings news and political uncertainty, dealers said.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index slid 282.22 points to end at 13,094.59.

HONG KONG - Hong Kong share prices closed 0.6 per cent higher on Friday, tracking a recovery in the mainland on hopes that Beijing may ease controls to spur growth, dealers said.
The benchmark Hang Seng Index was up 131.5 points at 22,862.6.

WELLINGTON - The New Zealand share market as a whole was down, with the benchmark NZSX-50 index off 33.12 points to 3303.16.

SYDNEY - The Australian stock market is expected to fall after US equities slumped on readings on jobs and manufacturing which indicated that businesses and workers still face a tough economy.
The miners may decline as metals including gold and copper slipped on Friday.
At 0745 AEST on the Sydney Futures exchange, the September share price index futures contract was 38 points lower at 4,875.
In economic news today, the Australian Bureau of Statistics releases its house price indices for the June quarter.
Australia and New Zealand Banking Group releases its job advertisements data for July.
In other news, the Diggers & Dealers Mining Forum begins today in Kalgoorlie.
Argo Investments announces its annual results.
The Australian share market resumed its downward march on Friday, closing almost 1.5 per cent lower, led by falls from the financial sector amid further signs of a deteriorating economy.
The benchmark S&P/ASX200 fell 73.4 points, or 1.47 per cent, to 4904, while the broader All Ordinaries shed 74.6 points, or 1.48 per cent, to 4978.

NYMEX
Oil prices ended slightly higher on Friday, pushing back above $US125 a barrel as the threat of a conflict with Iran rattled energy markets after a week of wild swings.
The gains, however, were limited by lingering beliefs that fuel prices are still too high for cash-strapped Americans who are already cutting back on driving to save money.
Light, sweet crude jumped more than $US4 to a high of $US128.60 a barrel on the New York Mercantile Exchange, its highest level in nine sessions, before easing back later to settle at $US125.10, up $US1.02. Prices fell $US2.69 to settle at $US124.08 on Thursday.
In other Nymex trading, heating oil futures fell about 2.25 cents to settle at $US3.437 a gallon while gasoline futures added 1.34 cents to $US3.0843. Natural gas futures added 27 cents to settle at $US9.389 per 1,000 cubic feet.
In London, September Brent crude rose 62 cents at $US124.60 a barrel on the ICE Futures exchange.

COMEX
Gold futures turned lower after the dollar strengthened against the euro, weakening the metal’s appeal as a safe haven against inflation and weakness in the US currency.
Gold for December delivery fell $US5.20 to settle at $917.50 an ounce on the Nymex, after earlier falling to $910.30 an ounce.
Other precious metals also fell. September silver lost 27 cents to settle at $US17.52 an ounce on the Nymex.
September copper dropped 8.3 cents to settle at $US3.5785 a pound.

INTERNATIONAL NEWS

BOSTON - The rich are sharing America’s financial pain - and contributing to it. It may have taken longer and it may not be as acute as for the middle class, but there are early hints that the economic slump is crimping the lifestyles of rich Americans.

LONDON - The Royal Bank of Scotland (RBS) will this week unveil the biggest loss in the history of British banking due to a multi-billion-pound hit from the global credit crunch, The Sunday Times reported.

MADRID - Spain’s once-booming economy is in worse shape than expected and could slip to zero growth, the finance minister said in an interview published Sunday.

BAGHDAD - Iraq is inviting bids from contractors to drill seven new oil wells and complete work on four natural gas wells.

LOCAL NEWS

CANBERRA - Official house price figures due out today could give another clue to the prospects of an early interest rate cut.

CANBERRA - The aviation watchdog has formed a special team to investigate Qantas amid growing public concern the airline’s safety standards may have slipped.

SYDNEY - Qantas cabin crew have ruled out any industrial action over recent security scares, despite asking to meet company officials after another of the airline’s jets was forced to make an emergency landing.

MELBOURNE - Australian banks are profiteering from customers despite claims by the industry that margins are suffering from a troubled credit market, a new report shows.

MELBOURNE - The latest Ford Falcon is the first Australian-built car to win a world-best five-star rating for its crash safety.

SYDNEY - Iron ore tycoon Andrew Forrest’s paper fortune has slumped by more than 37 per cent in the past month in response to a short-selling blitz by international hedge funds against his Fortescue Metals Group.

MELBOURNE - Junior explorer Avalon Minerals Ltd plans to spin out the company’s Western Australia uranium assets into a new vehicle, Caliburn Resources Ltd, through a $2.4 million initial public offer (IPO).

MELBOURNE - The number of job ads dropped slightly in July despite a host of falling economic indicators, with the building and construction sector hardest hit, according to a survey.

STOCKS TO WATCH ON THE AUSTRALIAN STOCK EXCHANGE TODAY:

QAN - QANTAS AIRWAYS LTD - down one cent to $3.31
Australia’s aviation watchdog will launch an investigation into Qantas safety and maintenance operations following three mid-air emergencies on its jets in less than 10 days.

SUN - SUNCORP-METWAY LTD - down 1.85, or 13.83 per cent, to $11.53
Suncorp Metway Ltd says severe storms and the global credit crunch would cut its annual profit by half, prompting it to maintain a flat dividend in fiscal 2009, and sending its shares into a tailspin.

FMG - FORTESCUE METALS GROUP LTD - down 43 cents to $8.27
Shares in Fortescue Metals Group fell by as much as six per cent after a bulk carrier, transporting the company’s iron ore, lost steering and ran aground off Western Australia, blocking the vital Port Hedland shipping channel.

BUG - BUDERIM GINGER LTD - up 1.5 cents to 48.5 cents
Buderim Ginger Ltd has forecast its annual pre-tax profit to rise by as much as $2 million, in line with guidance.

CSR - CSR LTD - up one cent to $2.12
CSR Limited will spend $17.8 million to increase its ethanol production capacity to 60 million litres per annum, the company announced today.
AAP dlm/pe

NEW YORK - US stocks fell 1.8 per cent after weak readings on economic growth and the job market touched off renewed concerns about the financial health of businesses and consumers.
The Commerce Department’s report that gross domestic product grew at a 1.9 per cent pace in the second quarter disappointed investors.
Investors were also concerned about Labor Department data saying that the number of people seeking jobless benefits jumped to the highest level in five years.
The Dow Jones Industrial Average lost 205.67 points, or 1.78 per cent, to 13,3787.02 and the Standard & Poor’s 500 broad-market index dropped 16.68 points to 1,267.38.
The tech-heavy Nasdaq composite declined 4.17 points to 2,325.55.
The yield on the 10-year US Treasury bond fell to 3.979 per cent from 4.048 per cent Wednesday and that on the 30-year bond dropped to 4.603 per cent from 4.638 per cent.

LONDON -European stocks closed generally weaker on US and eurozone data that dented market sentiment and in response to mixed corporate results.
In London the FTSE 100 index shed 8.80 points to 5,411.90.

FRANKFURT - The DAX gained 19.44 points to 6,479.56.

PARIS - The CAC 40 jettisoned 8.19 points to 4,392.36.

TOKYO - Japanese stocks closed little changed after a day spent as the market awaited a raft of corporate earnings and key US data.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index gained 9.02 points to 13,376.81.

HONG KONG - Hong Kong share rose modestly, reflecting cautious trade ahead of key US economic data and interim corporate results.
The benchmark Hang Seng Index rose 40.5 points to 22,731.1.

WELLINGTON - The benchmark NZSX-50 index advanced 48.52 points to 3336.28.

SYDNEY - The Australian stock market is expected to fall about one per cent after Wall St was rocked by disappointing US economic growth and job market figures.
On the Sydney Futures exchange, the September share price index futures contract fell 48 points, or 0.96 per cent, to 4,930.
Today, the Australian Industry Group/PricewaterhouseCoopers Australian Performance of Manufacturing Index for July is released.
So to the Securities/Melbourne Institute inflation gauge for July and the Reserve Bank of Australia commodity price index for July.
Australian shares closed firmly in the black yesterday for the second consecutive day, driven by a positive US lead and higher prices overnight for copper, nickel and oil.
The benchmark S&P/ASX200 index added 40.7 points, or 0.82 per cent, to 4,977.4 while the broader All Ordinaries gained 43.9 points to 5,052.6.

NYMEX
Oil prices ended lower, pulling back from the previous day’s rally, as disappointing data on the US economy signaled further cutbacks in energy demand for the world’s thirstiest consumer.
In another sign Americans are driving less, US filling stations hungry for business continued to ratchet down retail gas prices, with a gallon of regular falling on average 1.7 US cents to $US3.909, according auto club AAA, the Oil Price Information Service and Wright Express.
Light, sweet crude for September delivery fell $US2.69 to settle at $US124.08 a barrel on the New York Mercantile Exchange, a day after the contract soared more than $US4 in the biggest one-day jump in two weeks.

COMEX
Gold strengthened as fear about a slowing US economy stimulated more interest in the perceived safe haven investment.
Gold for August delivery rose $US11.00 to settle at $US913.90 an ounce on the New York Mercantile Exchange.
September silver gained 32.5 US cents to settle at $US17.79 an ounce
Copper for September delivery firmed $US1.55 cents to $US366.15 a pound on the New York Mercantile Exchange.